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Inflation in Belarus slowing down

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MINSK, 7 December (BelTA) – Year-on-year inflation in Belarus has been slowing down for three months in a row. Belarusian First Deputy Economy Minister Yuri Chebotar mentioned it as he presented a report on economy performance in 2022 and a forecast for 2023 at a session of the council of the union of non-profit organizations Confederation of Industrialists and Entrepreneurs (Employers), the Economy Ministry press service told BelTA.

According to Yuri Chebotar, it has been possible to maintain macroeconomic and financial stability despite a number of unfavorable factors. “Annualized inflation has been slowing down for the third month in a row. Prices for most non-foods have not changed or have gone down,” he said.

Effective measures meant to redirect and support export resulted in a record-high foreign trade surplus of $4 billion in January-September. They helped increase the export of investment goods and consumer goods and compensate for more than 80% of the export lost on markets of unfriendly countries and Ukraine, the official said.

Yuri Chebotar also remarked that the financial state of enterprises had improved. Profit margins are higher than last year across the economy (8.9% as against 8% last year) and in key ministries, concerns, and regions. A trend in favor of growing net profit remains in place. The number of loss-making organizations and the debt load level are at their lowest for the last seven years, he noted.

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